Wire Fraud Victim Sues Bank
December 14, 2010
Total Loss:
$440,000
A Missouri-based escrow company has sued its bank after losing $440,000 in a case of wire fraud. The suit, filed on Nov. 23, alleges that Choice Escrow of Springfield, Mo., was a crime victim because its bank, BankcorpSouth, didn't provide "commercially reasonable security." Via malware, hackers stole Choice Escrow's BancorpSouth online banking ID and password and on March 17 fraudulently wired $440,000 overseas to a bank in Cyprus.
Source:
Bank Info Security
Posted in:
ACH and Wire Fraud